German factory orders decline in February

[FRANKFURT] German industrial orders, a key measure of demand for goods in Europe's top economy, declined in February, weighed down by falling foreign demand, the economy ministry said on Tuesday.

Provisional official data showed a decrease in orders of 1.2 per cent month-on-month in February, following an increase of 0.5 per cent in January.

Analysts polled by financial services firm FactSet had pencilled in a modest increase of 0.3 per cent for February.

The drop was attributable to weaker foreign demand for German-made goods, including weaker demand both inside and outside the eurozone, the ministry said.

Domestic demand edged up by 0.9 per cent, while foreign demand fell by 2.7 per cent, by 3.7 per cent from the eurozone and by 2.1 per cent from outside the single currency.

AFP